India trade council joins forces with global body to boost furniture manufacturing
India's trade council collaborates with international organization to enhance the production of furniture in the home business sector.
India & World Furniture Confederation Sign MoU For Furniture Clusters
On Friday, the Trade Promotion Council of India (TPCI) and the World Furniture Confederation (WFC) signed an agreement (MoU) to create clusters for the furniture industry in India.
The memorandum of understanding (MoU) was executed during the World Furniture Confederation's yearly gathering, which took place in Dongguan, China. More than 500 business and industry delegates from various parts of the world were present at this event.
Mohit Singla, who is the head of the Trade Promotion Council of India, had the honor of being India's representative at the event. He collaborated with Mr. Xu Xiangnan, who not only serves as the head of the World Furniture Confederation but is also the President of the China National Furniture Association.
The partnership between TPCI and WFC is poised to spark a revolutionary expedition for the well-structured furniture production industry in India. The primary aim of the Memorandum of Understanding (MoU) is to enable the exchange of superior methodologies and specialized knowledge, establishing a fluid, holistic system that nurtures the expansion of furniture manufacturing in the nation.
Singla, when discussing this collaboration, shared his positive outlook: "This Memorandum of Understanding will encourage interaction with prominent global furniture producers, promote the concept of manufacturing in India for both local and international markets, and serves as the initial indication of international teamwork in the structured furniture industry for India. The structured furniture sector will contribute to the production of goods in an effective and economical manner, with prices that are able to compete on a global scale."
Additionally, he emphasized that this collaboration is anticipated to draw in international investments, bolster India's furniture exports, and diminish the nation's reliance on imported furniture.
The TPCI Chairman also emphasized the significant opportunity that the furniture industry presents for India. A recent examination of the sector's potential has uncovered a high demand for ready-to-use clusters as the sole method of attaining competitiveness, which is highly sought after for decreasing imports and increasing exports.
Discussing the potential for exporting, Singla highlighted, "India holds the advantage of zero tariff on all eligible goods when it comes to exporting furniture to the US market. This unequivocally emphasizes the significant opportunity to penetrate the US market."
The furniture industry in India is largely disorganized and scattered, mainly concentrating on handmade furniture. However, with this valuable collaboration between TPCI and WFC, the country is ready to explore its untapped possibilities and utilize its advantages to establish a strong presence in the international furniture market.
The trade of furniture across the globe is mind-blowing, with a whopping USD 250 billion in economic value. Both the European Union and China contribute immensely to this number, as they individually export approximately USD 100 billion worth of furniture.
A noteworthy fact is that the United States, which is the biggest buyer of furniture, imports an enormous amount of furniture valued at USD 72 billion every year. This offers an incredible chance for India to increase its furniture exports and establish itself as a significant participant in the worldwide market.
